Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Can I use both the Dependent Care FSA and the federal Child and Dependent Care Credit?

April 26, 2017child credit dependent Federal FSA

0

Posted

Can I use both the Dependent Care FSA and the federal Child and Dependent Care Credit?

1 Answer

0

Posted

Expenses reimbursed from a Dependent Care FSA reduce the amount you can claim under the federal income tax credit. You will have to determine which approach is best for you. Keep in mind the tax savings derived through participation in a Dependent Care FSA are realized throughout the plan year versus once on April 15.